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SINGAPORE, Nov 28 (Reuters) - A unit of Indian shipping firm
Mercator Lines <MRCT.BO> has set an indicative price range of
S$0.76 to S$0.94 a share, which may raise as much as S$254
million ($176 million) in its Singapore initial public offering,
a source said on Wednesday.
Mercator Lines (Singapore) Pte Ltd has said in its prospectus
that it plans to raise funds to expand its business by acquiring
vessels, investing in maritime companies and partially redeeming
its bonds.
A source close to the deal said that the company plans to
offer 270 million shares in the IPO, which is likely to be priced
in the middle of December. If it exercises the over-allotment
option it may raise as much as US$200 million, the source said.
Mercator Lines (Singapore) earlier this year sold $51 million
in convertible bonds in Singapore to raise funds for expansion.
Mercator also has an offshore business in Singapore.
Merrill Lynch <MER.N> and Deutsche Bank <DBKGn.DE> are lead
managers for the IPO.
((Reporting by Saeed Azhar, editing by Jan Dahinten)
([email protected]; Reuters Messaging:
[email protected]; +65 6403-5664))
($1=1.441 Singapore Dollar)
Keywords: MERCATOR SINGAPORE/IPO